Your guide to making a Will

Transcription

1 Your guide to making a Will

2 Contents 1/ Welcome 2/ What is a Will? 3/ Will Writing Tips 4/ Updating an Existing Will 5/ Types of Wills 6/ Premier Client Club 7/ Everyday Legal 8/ Your Notes

3 GWlegal: An Introduction 1 Making a Will is one of life s key decisions Welcome At GWlegal, making a Will doesn t need to be confusing. We have made writing a Will simple. We have over 30 years experience and are regulated by the Solicitors Regulation Authority (SRA), so you can be sure you are getting the highest standard of service and legal knowledge. We understand the emotions faced when making a Will and consider it our responsibility to make the whole process as straightforward as possible. We are able to help you every step of the way, explaining everything in a language you can understand. Making a Will is one of the most important things you will do. Indeed without a Will, if you die your estate is subject to the Rules of Intestacy which determine who will manage and inherit from your estate. Dealing with intestacy could add to the stress experienced by your family at an already difficult time. Your Guide to Making a Will explains the benefits a Will brings, how to update an exsisting Will and how to approve executors and name beneficiaries. So put the kettle on, sit down and take your time reading through our helpful guide to making your Will.

4 What is a Will? A Will is the document in which you say what will happen to your money and possessions after you die. It is in this document where you stipulate who you want to benefit from your estate and in what way you want them to benefit i.e. what you want them to inherit. 2 Why do I need a Will? If you die without making a Will, your estate is subject to the Rules of Intestacy. These rules will decide who will manage and administer and who will inherit what from your estate, typically your next of kin in a fixed order. There would be no guarantee that all your loved ones would be provided for to the extent you would have wanted and precious keepsakes may not end up with the ones you love. Dealing with intestacy is often very stressful for families. You need a Will to make sure your property and possessions go to the people you want. You also get the opportunity to: Appoint Guardians (very important if you have young children) Specify funeral arrangements Set up Trusts Provide for all dependants including step-children Leave a gift for someone special People don t make a Will for many reasons. From thinking they ve got nothing to leave, to just not wanting to think about it! But in reality, everyone needs a Will, if anything just to make it easier on those you leave behind.

5 Will Writing Tips 3 Many people put off writing a Will because it is quite a daunting prospect. Many people don t know what goes into writing a Will. They think they are going to have to talk to a stuffy solicitor, who ll bamboozle them with legal jargon. It isn t like that at GWlegal. Wills don t need to be intimidating. You just need to know what to expect, and that s what our Will writing tips are for. 01/ Add up your assets Before you start making your Will, it s a good idea to have a rough idea of how much your assets are worth. Grab a pen and paper and jot everything down. Remember to include all property, bank and saving accounts, life insurance policies and any other items of value from cars, to jewellery and antiques. 02/ Choosing your Beneficiaries Now you ve got an idea of what you ve got, consider who you d like to inherit what. These people are called Beneficiaries because they benefit from your Will. 03/ Appointing Executors The role of Executor is very important. The person(s) you choose are responsible for implementing your wishes in your Will, ensuring everyone you wish to benefit does. You can have up to four Executors. They can be family, friends or professionals and must be over 18. Executors can also be Beneficiaries. 04/ Selecting Guardians If you have young children, selecting a Guardian is probably the most important part of your Will. Your chosen Guardian is the person who will raise and look after your children. 05/ Appointing Trustees If you wish to set up Trusts in your Will, you will need to appoint Trustees. They will be responsible for managing and investing your money and/or overseeing your property until it passes to your Beneficiaries. 06/ Choosing Witnesses In England and Wales, a Will requires the signature of two Witnesses in order to make it valid. Both Witnesses must be over the age of 18, both be present when the Will is signed* and cannot benefit from the Will. *Certain exceptions apply.

6 Update An Existing Will 4 Making sure a Will is up-to-date is just as important as writing a Will in the first place. There are many reasons why you may need to update your Will including: Your marital status changes (i.e. you get married or you get divorced and/or remarried) You have or adopt a child(ren) A Guardian, Executor, Trustee or Beneficiary moves away, dies or no longer can/wants to fulfil role There is a substantial change to the value of your property You have forgotten anybody you would like to mention You would like to leave a gift to charity It s a good idea to review your Will every couple of years, just to make sure all your loved ones are protected. Most of the time, you won t need to make any changes. If you do need to make any amendments, however, you have a couple of options. One way to update an existing Will is to make a codicil. A codicil may sound complicated but it s not; it s simple. It s the name for a legal document which allows you to make changes to your Will. Codicils are good for minor changes. If you need to make a few changes, it s usually easier and cheaper to write a new Will.

7 Types Of Wills 5 Whether you re single or a couple, have a million in the bank or 10 in your back pocket, there is a Will suitable for you. Single Will A Single Will is a Will for one person. It s not just for someone who is single, but can be used by anyone; married or unmarried, single or in a civil partnership. Couples Wills Couples Wills are Wills designed for couples who wish to leave everything to each other. You don t need to be married to make Couples Wills; you just need to have the same wishes. Usually in Couples Wills, when the first partner dies, everything passes to the remaining partner. Then when the second partner dies, everything passes to the common Beneficiaries. Complex Will Don t be put off by the name; a Complex Will doesn t have to be complicated! A Complex Will may be needed for several reasons. For example, if you own a business, want to set up a Trust or wish to specify particular clauses or conditions for your Beneficiaries to follow.

8 Premier Client Club At GWlegal, we value loyalty. This is why we created our Premier Client Club to reward customers who, having already benefitted from our services, come back when they need a solicitor again. 6 As a member, you ll benefit from all this: Standard fees for any future conveyancing or remortgage work* Fees for any Wills and Power of Attorney services* But it isn t just you who can benefit from these discounts! Recommend family and friends to us as we ll extend these discounts to them too. Now you can t say fairer than that! Premier Client Club costs just 40 (+VAT) and could more than pay for itself in just one future transaction. You ll be given the opportunity to join during your current case with us. Please visit gw.legal for more information. * not including VAT/Disbursements

9 Everyday Legal Free legal help from GWlegal 7 Whilst you need our assistance in your current case, not every legal issue needs the professional advice of a solicitor. Often you can handle the situation on your own you just need a few pointers. That s what Everyday Legal, our free advice service, is all about equipping you with the right information so you can solve the problem yourself whether it s reclaiming unfair charges, resolving disputes or wanting to know your consumer rights. Topics include: Energy bill refunds How to claim for pothole damage Resolving property boundary disputes Your legal rights when buying a used car Dealing with noisy neighbours. Everyday Legal is available on our website gw.legal - as well as through our free mobile app. Simply search GW Solicitors in the App Store or Google Play.

10 Your Notes 8

11 Your Notes 9

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